To link to the entire object, paste this link in email, IM or documentTo embed the entire object, paste this HTML in websiteTo link to this page, paste this link in email, IM or documentTo embed this page, paste this HTML in website

Laws of the State of North Carolina, passed by the General Assembly [1848-1849]

BANK. 1848-'49 25
directors, inquirinof into the affairs of the institution, and
making such regulations as may bo deemed fit and neces-sary.
Sec. 5. Be it further enacted. That the following rules,
regulations and provisions, shall form and be the fnndamen- Rules and
tal articles of the Constitution of the corporation. A meet regulations
iijg nt the stockholders cannot be held unless those who
have a majority of the whole number of votes be present,
and every act shall require the sanction of a majority of the
votes which may be present ; every stockholder lioldino: one
share and not more than two, shall be entitled to one vote ;
for every two shares above two and not exceedinsf ten. one
vote; for every three shares above ten, not exceedinij one
hnndred, one vote ; and for every five shares above one hun-dred,
one vote. After the first meeting, no share or shares
shall confer a right of voting, which shall not have been
holden three calendar months previous to the day of voting;
stockholders may vote at general meetings and elections by
proxy, the proxy beinor him'self a stockholder. No Presi-dent,
Cashier, agent or clerk of the principal bank, its ofli-ces
and agencies, shall be permitted to vote as proxy for
another. None but a stockholder who is a citizen of the
State shall be eligible as a director ; and the directors when
appointed shall choose one of their number (which shall al-ways
be nine) to be President of the hank, and shall manage
the institution as shall seem best to them, unless otherwise
directed by the stockholders; but compensation to the Presi-dent
and directors shall be granted at the pleasure of the
stockholders. Not less than three directors, of whom the
President shall always be one, shall constitute a board for
the transaction of business, except in case of absence or
sickness of the President, when he may by writing nomi-nate
any other director to supply his place; a number of stock-holders,
not less than ten, who together shall be the owners
of tvvo thousand shares or upwards, shall have power at any
time to call a general meeting of (he stockholders for pur-poses
relative to the ins'.ilntion, giving at least twenty days
4

BANK. 1848-'49 25
directors, inquirinof into the affairs of the institution, and
making such regulations as may bo deemed fit and neces-sary.
Sec. 5. Be it further enacted. That the following rules,
regulations and provisions, shall form and be the fnndamen- Rules and
tal articles of the Constitution of the corporation. A meet regulations
iijg nt the stockholders cannot be held unless those who
have a majority of the whole number of votes be present,
and every act shall require the sanction of a majority of the
votes which may be present ; every stockholder lioldino: one
share and not more than two, shall be entitled to one vote ;
for every two shares above two and not exceedinsf ten. one
vote; for every three shares above ten, not exceedinij one
hnndred, one vote ; and for every five shares above one hun-dred,
one vote. After the first meeting, no share or shares
shall confer a right of voting, which shall not have been
holden three calendar months previous to the day of voting;
stockholders may vote at general meetings and elections by
proxy, the proxy beinor him'self a stockholder. No Presi-dent,
Cashier, agent or clerk of the principal bank, its ofli-ces
and agencies, shall be permitted to vote as proxy for
another. None but a stockholder who is a citizen of the
State shall be eligible as a director ; and the directors when
appointed shall choose one of their number (which shall al-ways
be nine) to be President of the hank, and shall manage
the institution as shall seem best to them, unless otherwise
directed by the stockholders; but compensation to the Presi-dent
and directors shall be granted at the pleasure of the
stockholders. Not less than three directors, of whom the
President shall always be one, shall constitute a board for
the transaction of business, except in case of absence or
sickness of the President, when he may by writing nomi-nate
any other director to supply his place; a number of stock-holders,
not less than ten, who together shall be the owners
of tvvo thousand shares or upwards, shall have power at any
time to call a general meeting of (he stockholders for pur-poses
relative to the ins'.ilntion, giving at least twenty days
4